Nuvama Wealth Management gets listed, stock slides 5%
The Hindu
Nuvama Wealth Management Ltd. (formerly known as Edelweiss Securities Ltd.), an integrated wealth and asset Management firm, on Tuesday got listed on the BSE and NSE at ₹2,699 and ₹2,750 respectively.
Nuvama Wealth Management Ltd. (formerly known as Edelweiss Securities Ltd.), an integrated wealth and asset Management firm, on Tuesday got listed on the BSE and NSE at ₹2,699 and ₹2,750 respectively.
But with profit-booking the stock closed with a loss of 5% at ₹2,564.10 on the BSE and ₹2,612.50 on the NSE.
In 2020, PAG, an Asia-focused alternative investment firm, picked up a stake in the wealth management business of Edelweiss Financial Services and announced a demerger. On Tuesday this spun-off entity got listed as Nuvama Wealth Management.
Today PAG holds majority stake of 56% in Nuvama and is the controlling shareholder.
Ashish Kehair, MD & CEO, Nuvama Group, said, “With financial wealth and penetration doubling in the next 5-6 years, organized wealth management will see robust growth, quadrupling in size. We are well-positioned to ride this growth and capture the opportunity that is present before us. We will expand our reach in geography, both within India and in select offshore markets.”
Nikhil Srivastava, Partner and MD, Head of India Private Equity, PAG, said “We are very pleased with this listing as it marks a significant milestone in Nuvama’s remarkable journey of growth. As long-term investors in the company, we are firm believers in its continued success.”